Successful businesspeople who transformed a small family business into a recognized global brand include Ramesh Kumar Dua and Mukand Lal Dua; know their journey, net worths and more.
India has had significant growth throughout the years in a number of fields, including business, technology, and other areas. It is crucial to read the success stories of great achievers in order to learn from them as young, aspiring entrepreneurs take on their legacy. Successful businesspeople who transformed a small family business into a recognized global brand include Ramesh Kumar Dua and Mukand Lal Dua.
Who are Mukand Lal Dua and Ramesh Kumar?
Ramesh Kumar Dua and Mukand Lal Dua, brothers from Delhi, founded Relaxo in 1976. It is one of the most recognizable brands in the Indian footwear industry and represents itself as unique blend of creativity and accessibility. The Duas switched their attention from inherited enterprises to footwear in 1976 after experiencing financial difficulties as a result of a business separation in 1971
They launched Relaxo with a modest Rs 10,000 from a property investment, bringing out the timeless "hawai chappal," as per media reports. The early years had their share of challenges, mostly as a result of governmental regulations that constrained corporate operations.
But the Duas saw opportunities where there were obstacles. They launched a number of units under various names before eventually unifying under the name "Relaxo" to establish a distinctive identity. During the Emergency, this action was vital in ensuring businesses kept their inventory.
Relaxo had a transformation in 1995. They spent Rs 7.5 crore in a plant that could create 50,000 pairs each day, capitalizing on changes in government policy at the same time that the nations' economy was booming and increasing demand, as per Yourstory.com. Today, Relaxo has a global reach in addition to its home recognition.
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The company has strong relationships with e-commerce sites including Flipkart, Myntra, Amazon India, with its four well-known brands, Bahamas, Sparx, Flite, and Schoolmate. Its exports to foreign markets, which make up around 5% of its total revenue, are mostly to Saudi Arabia and the United Arab Emirates.
Recent financial information shows a positive picture. Relaxo Footwears Ltd. (RLXO.NS), an Indian footwear retailer, reported a 9.6% increase in fourth-quarter revenue. Its overall revenue for the fiscal year 2022–23 grew by 4.6% year over year (YoY), from Rs 2676.99 crore the year before to Rs 2801.34 crore.
Ramesh Kumar Dua was recognized by Forbes India with a net worth of $1 billion as of 2023, further enhancing its prestige. According to Forbes, the total net worth of Ramesh Kumar and Mukund Lal Dua is $2.32 billion (Rs 19,000 crore).
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